Anya wants to take out a loan of $5000 to buy a car. A finance company...
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Anya wants to take out a loan of $5000 to buy a car. A finance company offers the following repayment scheme. The loan will be repaid in monthly payments, over 3 years with an interest rate of 4.1% p.a., compounded monthly. a Find the amount Anya must pay each month. b Calculate the amount still remaining to be repaid after Anya has been making payments for one year. After one year the finance company changes its interest rate on the loan to 5.3% p.a., compounded monthly. e Find Anya's new monthly payment for the remaining two years of the loan. [ [ F Anya wants to take out a loan of $5000 to buy a car. A finance company offers the following repayment scheme. The loan will be repaid in monthly payments, over 3 years with an interest rate of 4.1% p.a., compounded monthly. a Find the amount Anya must pay each month. b Calculate the amount still remaining to be repaid after Anya has been making payments for one year. After one year the finance company changes its interest rate on the loan to 5.3% p.a., compounded monthly. e Find Anya's new monthly payment for the remaining two years of the loan. [ [ F
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